Thu, 01 Dec 2011 | ADMINISTRATION
Lloyds Banking Group is mulling putting Battersea Power Station into administration to facilitate a search for an investment partner and developer.
A High Court hearing has been arranged for 12 December to confirm the appointment of Ernest & Young as the administrators.
Lloyds and the National Asset Management Agency have called for Irish developer and main shareholder Real Estate Opportunities to repay £324 million of debt. Real Estate Opportunities is the subsidiary of Irish property tycoon duo Johnny Ronan and Richard Barrett used to buy Battersea Power Station in 2006. There is now a total of £502 million of debt attached to the site.
It has been indicated by sources close to the banks that an interested party, Malaysian property developer SP Setia, may still buy the site, and effectively stop it from entering an administration process. Lloyds is said to have rejected a recent second bid to acquire the power station by buying up its bank debt from SP Setia this week, as the bank was not satisfied with the related conditions or the deposit offered.
With the power station in administration Lloyds could consider proposals from Roman Abramovich and Chelsea FC, which is interested in the site for a new stadium. British Land and private equity firm Blackstone are also thought to have expressed an interest.
The site has planning consent for the build of 3,400 new homes and 900,000 sq. metres of retail and office space.
A leading dental practice situated in the heart of London, providing exceptional dental care in a comfortable and welcoming environment.
LEASEHOLD
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
Discover a leading innovator in data centre solutions, recognised as a top supplier both in the UK and internationally, with a robust consultancy arm contributing to a growing turnover.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.